Corporate America Gives Back, Too

Despite what people read in the media, Corporate America isn't entirely about filling the pockets of its executives and shareholders. Many of the biggest corporations—some of which were neck-deep in the bailout—also give away millions every year to those in need (and we don't just mean investment bankers who need a new yacht). To see which corporate foundations were the most generous, Bloomberg BusinessWeek.com worked with the Foundation Center, a New York–based organization that maintains a database on U.S. grantmakers and their activities. We evaluated the organizations' total giving based on the most current information available. While many organizations have not yet prepared 2009 data, Steven Lawrence, director of research at the Foundation Center, anticipates that overall spending in 2009 was down. Still, he says most corporate foundations and other nonprofit groups did not change their giving priorities and programs in education, housing, development, and employment services continue to be major recipients of funding. "Corporate philanthropy is a bellwether for the economy," says Lawrence. Depending on how the markets perform, "We may see a faster return among corporate foundations."